Naveen Jindal-led Jindal Steel and Power Limited (JSPL) has ended the fiscal year on a strong note with sales hitting a new record of 786,000 tonnes in Mar’21 (up 61% y-o-y). The company said that a combination of robust domestic demand coupled with attractive export markets (accounting for 38% of sales) and a wide range of products have all contributed to the JSPL reporting the steepest rise in monthly sales in FY21.
Much to the joy of the steel giant, the Mar’21 production also rose by 21% y-o-y to an730,000 tonnes, while the 4QFY21 production comfortably exceeded the 2 million tonnes mark for the first time ever (2.07 mt).
The record production by the JSPL assumes significance sicne it shows that the steel giant’s operations have displayed resilience in the face of a global pandemic as it posted the highest-ever production and sales in FY21 of 7.51mt (+19% y-o-y) and 7.28mt (+20% y-o-y) respectively. Exports accounted for 35% of sales in FY21 compared to 13% in the prior year.
Reacting to the phenomenal performance, JSPL Managing Director VR Sharma said, “We are proud of our team for producing 7.51 million tons of steel in this financial year marred by the global pandemic. This remarkable growth during the most challenging time period has been possible due to our firm belief in the India growth story, our focus on creating opportunities in adversity and the dedication of each & every member of the JSPL family. We firmly remain committed towards contributing to an Aatmanirbhar Bharat. We will continue to work towards our target of 15:15:50, i.e., 15,000 Cr EBITDA: 15,000 Cr Net Debt: 50,000 Cr Gross Turnover.”
JSPL is a leading Indian Infrastructure Conglomerate with a presence in the Steel, Power, and Mining sectors. With assets of over USD 11 billion (INR 80,000 Crore) across the globe, the Company is continuously scaling its capacity utilization and efficiencies to contribute towards building a self-reliant India.